Citi Targets $113K Bitcoin as Peter Brandt Eyes $600K—but Warns of October Plunge
Citi raised its 12-month Bitcoin price target to $113,000 from $82,000, citing stronger crypto activity and ETF inflows. Veteran trader Peter Brandt predicts a potential late-2029 peak between $300,000 and $600,000 but warns of a possible early-October pullback to $65,000–$66,000. The SEC's recent proposals may ease custody concerns for investment firms.
How this was made
The 30-second read
Why it matters
The new target and pullback warning provide fresh price guidance, likely influencing trader positioning and crypto‑related fund flows.
Market read
The article delivers primary Bitcoin price guidance and a short‑term risk alert, making it highly relevant for crypto traders and related market participants.
What to watch
Regulatory developments around custody and SEC proposals could further influence price beyond the cited targets.
Background
Citi’s research note follows recent SEC proposals on crypto custody and the failure of the CLARITY Act, which have softened negative sentiment toward Bitcoin.
Ticker impact
Citi raised its 12‑month Bitcoin price target to $113,000 and warned of an early‑October pullback to $65‑66k, providing fresh guidance on the crypto’s near‑term direction.
potential upward pressure from the higher target, tempered by short‑term downside risk ahead of early October.
The forecast is a primary disclosure from a major bank, offering a concrete price target and a specific near‑term correction level.
Market effects
Higher Bitcoin target may lift crypto‑related equities and ETFs, while the pullback warning could increase volatility in crypto derivatives.
Global, as Bitcoin is a worldwide asset; US investors may adjust exposure ahead of the October correction.
Significant for global crypto markets and risk‑on assets.
Counterpoint
Some traders may view the pullback warning as a buying opportunity, betting the dip will be short‑lived.
Key entities
- Financial InstitutionCiti
Investment bank issuing the Bitcoin price target.
- TraderPeter Brandt
Veteran trader offering a longer‑term Bitcoin price outlook.
